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Delivering Sustainable Growth

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Delivering Sustainable Growth Imperial Tobacco Group PLC Imperial Tobacco Group PLC Imperial Tobacco is a leading international tobacco Annual Report and Accounts 2009 company which manufactures, markets, distributes and sells a comprehensive range of cigarettes, Registered Office tobaccos, cigars, rolling papers and tubes. Imperial Tobacco Group PLC PO Box 244 Upton Road Bristol BS99 7UJ UK www.imperial-tobacco.com Annual Report and Accounts 2009 DELIVERING SUSTAINABLE Returns GROWTH focused Targeted Sales investment growth We continue to build on our long track record of creating sustainable shareholder value. Strong Cost cash flow optimisation Our business model provides a virtuous See overleaf for an overview of our business today. circle of investment and sustainable See page 12 for details on growth and has consistently delivered our strategy. strong returns to our shareholders. Imperial Tobacco Group PLC Imperial Tobacco Group PLC Imperial Tobacco is a leading international tobacco Annual Report and Accounts 2009 company which manufactures, markets, distributes and sells a comprehensive range of cigarettes, Registered Office tobaccos, cigars, rolling papers and tubes. Imperial Tobacco Group PLC PO Box 244 Upton Road Bristol BS99 7UJ UK www.imperial-tobacco.com Annual Report and Accounts 2009 DELIVERING SUSTAINABLE Returns GROWTH focused Targeted Sales investment growth We continue to build on our long track record of creating sustainable shareholder value. Strong Cost cash flow optimisation Our business model provides a virtuous See overleaf for an overview of our business today. circle of investment and sustainable See page 12 for details on growth and has consistently delivered our strategy. strong returns to our shareholders. Business Overview Our Total Tobacco Portfolio Performance Highlights Imperial Tobacco is a leading international tobacco company, which manufactures, markets, distributes and Adjusted Profit Net Revenue1 from Operations1 sells a comprehensive range of cigarettes, tobaccos, cigars, CIGARETTES FINE CUT TOBACCO CIGARS PAPERS & TUBES rolling papers and tubes. United Kingdom £893m £601m See page 23 Germany £826m £403m See page 24 Spain £610m £275m Get more online by visiting: See page 25 www.imperial-tobacco.com 1 View the 2009 Annual Report online 21bn 2 Access the latest shareholder information cigarettes UK 24bn 3 View archive information cigarettes 59bn Our Balanced Germany cigarettes Rest of EU 4 Access shareholder services Rest of EU £1,490m £566m Geographic See page 26 5 Tell us what you think Footprint 174bn 30bn cigarettes cigarettes Spain Rest of World 14bn cigarettes Americas Americas £861m £288m See page 27 Rest of the World £2,138m £617m See page 28 Registered Office Imperial Tobacco Group PLC PO Box 244 Upton Road Adjusted Profit Bristol BS99 7UJ Distribution Fees1 from Operations1 UK Logistics Registered in England and Logistics £964m £177m Wales No: 3236483 Our logistics business is one of the See page 32 Registrars largest in Europe. Its core business Equiniti is Tobacco Logistics as well as Aspect House providing other logistics services. Spencer Road See page 8 for more information on our Lancing 2009 results. 1 Management believes that these non-GAAP measures provide a useful comparison of business performance West Sussex BN99 6DA and reflect the way in which the business is controlled. Definitions are included in our accounting policies 0871 384 2037 within the notes to the financial statements. Reconciliations between adjusted and reported measures are +44 (0) 121 415 7009 also included in the relevant notes. Business Overview Our Total Tobacco Portfolio Performance Highlights Imperial Tobacco is a leading international tobacco company, which manufactures, markets, distributes and Adjusted Profit Net Revenue1 from Operations1 sells a comprehensive range of cigarettes, tobaccos, cigars, CIGARETTES FINE CUT TOBACCO CIGARS PAPERS & TUBES rolling papers and tubes. United Kingdom £893m £601m See page 23 Germany £826m £403m See page 24 Spain £610m £275m Get more online by visiting: See page 25 www.imperial-tobacco.com 1 View the 2009 Annual Report online 21bn 2 Access the latest shareholder information cigarettes UK 24bn 3 View archive information cigarettes 59bn Our Balanced Germany cigarettes Rest of EU 4 Access shareholder services Rest of EU £1,490m £566m Geographic See page 26 5 Tell us what you think Footprint 174bn 30bn cigarettes cigarettes Spain Rest of World 14bn cigarettes Americas Americas £861m £288m See page 27 Rest of the World £2,138m £617m See page 28 Registered Office Imperial Tobacco Group PLC PO Box 244 Upton Road Adjusted Profit Bristol BS99 7UJ Distribution Fees1 from Operations1 UK Logistics Registered in England and Logistics £964m £177m Wales No: 3236483 Our logistics business is one of the See page 32 Registrars largest in Europe. Its core business Equiniti is Tobacco Logistics as well as Aspect House providing other logistics services. Spencer Road See page 8 for more information on our Lancing 2009 results. 1 Management believes that these non-GAAP measures provide a useful comparison of business performance West Sussex BN99 6DA and reflect the way in which the business is controlled. Definitions are included in our accounting policies 0871 384 2037 within the notes to the financial statements. Reconciliations between adjusted and reported measures are +44 (0) 121 415 7009 also included in the relevant notes. 1849 Black Sun ImpTob p1:Layout 1 1/12/09 15:29 Page 1 Contents Overview 3 Directors’ Report: Governance 2 Financial Highlights 34 Chairman’s Introduction 3 Chairman’s Statement 36 Board of Directors 38 Chief Executive’s Committee 1 Directors’ Report: Business Review 39 Corporate Governance Report Strategic and Financial Review 50 Directors’ Report: Other Information 55 Directors’ Remuneration Report 6 Chief Executive’s Review 8 Financial Review 4 Financial Statements 12 Strategic Review 14 Key Performance Indicators 73 Independent Auditors’ Report to the 16 Principal Risks and Uncertainties Members of Imperial Tobacco Group PLC 18 Case Study: Total Tobacco Focus 74 Consolidated Income Statement 20 Corporate Responsibility 75 Consolidated Balance Sheet 76 Consolidated Statement of Recognised Income and Expense 2 Directors’ Report: Business Review 76 Consolidated Cash Flow Statement Operating Review 77 Accounting Policies 83 Critical Accounting Estimates and Judgements 22 Our Diverse International Footprint 85 Notes to the Financial Statements 23 United Kingdom 127 Independent Auditors’ Report to the 24 Germany Members of Imperial Tobacco Group PLC 25 Spain 128 Imperial Tobacco Group PLC Balance Sheet 26 Rest of EU 129 Notes to the Imperial Tobacco Group PLC 27 Americas Balance Sheet 28 Rest of the World 29 Case Study: Morocco Supplementary Information 31 Manufacturing 32 Logistics 131 Principal Subsidiaries 133 Shareholder Information 135 Index 136 Glossary IMPERIAL TOBACCO GROUP PLC 2009 1 1849 Black Sun ImpTob p2:Layout 1 30/11/09 20:29 Page 2 OVERVIEW Financial Highlights Volumes 20091 Change 20081 Cigarettes2 322.2bn +10% 294.1 Financial Highlights – adjusted basis3 2009 Change 2008 Adjusted profit from operations £2,933m +32% 2,230 Adjusted profit before tax £2,233m +39% 1,607 Adjusted earnings per share 161.8p +18% 136.9 Financial Highlights – unadjusted basis 2009 Change 2008 Revenue £26,517m +29% 20,528 Profit from operations £2,337m +59% 1,471 Profit before tax £945m +52% 621 Basic earnings per share 65.5p +29% 50.6 Diluted earnings per share 65.3p +30% 50.4 Dividend per share 73.0p +16% 63.1 1 Results for 2009 include a full 12 months’ contribution from Altadis, whereas 2008 comparatives include the Altadis contribution since completion of the acquisition on 25 January 2008. 2 Our 2008 cigarette volumes have been restated to include third party manufacturing and distribution arrangements in certain countries. 3 Management believes that these non-GAAP measures provide a useful comparison of business performance and reflect the way in which the business is controlled. Definitions are included in our accounting policies within the notes to the financial statements. Reconciliations between adjusted and reported measures are also included in the relevant notes. The Annual Report contains certain forward-looking statements with respect to the operations, performance and financial condition of the Company and the Group as a whole. By their nature, these statements involve uncertainties since future events and circumstances can cause actual results to differ materially from those anticipated. The forward-looking statements reflect knowledge and information available at the date of preparation of this Annual Report and the Company undertakes no obligation to update these forward-looking statements. Nothing in this Annual Report should be construed as a profit forecast. 2 IMPERIAL TOBACCO GROUP PLC 2009 1849 Black Sun ImpTob p3_p4:Layout 1 1/12/09 14:57 Page 3 OVERVIEW Chairman’s Statement A YEAR OF CONSIDERABLE ACHIEVEMENT Iain Napier Chairman Our focus on sales growth, optimising our cost base and efficiently utilising the cash we generate, has enabled us to drive growth and deliver volume and market share gains in many markets across our regions. Whilst tobacco is not immune from the current difficulties affecting the global “We have delivered another strong operational economy, we have a successful strategy and financial performance, further building on and a resilient business. our excellent track record of creating sustainable Earnings and Dividends Our adjusted profit
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